H&M to close its 250 shops in 2021 to shift in online selling  

01.10.2020 - Korneychuk Evgeniya
H&M to close its 250 shops in 2021 to shift in online selling  

On Thursday, H&M (HM-B) announced its plans to close its 250 shops in 2021 as online shopping demand became very popular amid the coronavirus outbreak.

Moreover, the world’s second-biggest fashion retailer reported a smaller than expected drop in its third-quarter profit.

“Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger,” H&M’s Chief Executive Officer Helena Helmersson said.

Although the Swedish multinational clothing-retail company said that its sales had continued to recover in September 2020, H&M was still 5% lower than the same month last year.

“Overall, Q3 is a better quarter than expected and we think H&M continued to manage well what they could directly influence. We think that the market is still not fully appreciating the improved quality of the H&M business model and infrastructure. We think instead that this set of results is further proof that H&M turnaround is still very much well on track,” JP Morgan’s (JPM) analyst said in a note.

On Thursday, H&M’s shares climbed by 6.0% in the morning trade.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?